This week, the Reserve Bank of India (RBI) announced a significant increase in transaction limits for specific categories using the Unified Payment Interface (UPI).
Here's a quick breakdown:
Key points
Hospitals and educational institutions: The transaction limit has been raised from Rs 1 lakh to Rs 5 lakh.
Recurring payments: The cap for e-mandates has increased to Rs 1 lakh.
IPO and government bonds: The investment limit via UPI in IPOs and RBI Retail Direct Scheme for G-Secs has been raised to Rs 5 lakh.
How will this change affect your spending habits?
Greater convenience: Paying large bills for hospitals and educational institutions becomes significantly easier. No more breaking down payments or juggling multiple transactions.
Enhanced financial flexibility: Investing in IPOs and government bonds is now more accessible thanks to the increased limit, allowing for better diversification and wealth management.
Smoother recurring payments: With the e-mandate cap raised, managing recurring bills and subscriptions becomes more efficient and streamlined.
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